Black market exchange rate remains stable at N740/$1

The Exchange rate between the naira and the dollar at the black market remained stable through the Christmas celebration, trading at an average of N740/$1 on Tuesday.

Also, the naira maintained the same rate at the P2P cryptocurrency Exchange on Tuesday morning, trading at a minimum of N739/$1, the same as recorded last week Friday.

On the other hand, the rate of exchange at the official importer and exporter window depreciated on Friday, to close at N456.5/$1, 0.05 per cent downturn compared to N456.25/$1 that was recorded in the previous trading session.

Meanwhile, a total of $155.86 million was traded at the exchange on Friday, recording a 39.95 per cent increase compared to the $111.37 million that exchanged hands on Thursday.

Nigeria’s external reserve stood at $36.95 billion as of 22nd December 2022, an increase of 0.02 per cent from the $36.947 billion recorded as of the previous day.